All Forum Posts by: Jacqueline Peterson

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Good Morning Alexander,

I am happy to hear from you that you thought the information that I provided was helpful.

I believe that once you are approved for the exemption you should get a Notice from HCAD allowing you to "claim" your homestead exemption. You may want to call the phone number on the top of the Application Form to make sure that there is no additional form to request when filing your taxes for next year in regards to the "claim."

It is my understanding that that once you receive your approval you do not have to apply on an annual basis unless you move to another house. You can only have one home to claim as a homestead exemption as long as that home is considered your primary residence/address. 

Hello Alexander,

Congratulations in purchasing your new primary residence!

The Form 11.13 is correct for you to file an APPLICATION for RESIDENCE HOMESTEAD EXEMPTION. You can click on or  copy and paste in your browser the following link to get the Form directly-  http://www.hcad.org/forms/default.asp?form=7

Secondly, the application and required documentation as indicated in the Form must be completed no later than April 30, but can file as early as January 1st.

Thirdly, the residence homestead exemption is up to 20% of a property's appraised value. The Appraised Value is what HCAD designates and NOT by a private residential appraiser. For example, when you go to HCTAX.NET, you will see in the following link for the address at 2315 Huldy St, that there are 8 Taxing Jurisdictions: http://www.hctax.net/Property/TaxStatement?Account...

Six of the Jurisdictions exempt the property at 20%, but Houston ISD is at 24% and Houston Community College Systems is at 10%. Exemptions ranging from $53,213 - $131,425 and based off a $533,287 Total Market Value. (NOTE: As a disclaimer, I do not know the owners of this property but I had done some research earlier this year, for a client that wanted their house to be exempted, and found that it was interesting that no matter what the value of what your home is you can still apply for an exemption as long as the home is your primary residence.)  https://www.wilco.org/Portals/0/Departments/Tax%20...

In the above link, although you can read the entire 21 page document, page 3 is most fitting to your situation.

The address to submit the FORM 11.13 is on the Application. They also have a phone number and physical address on the Application. I tried to include this information to make it easier for you. But, BiggerPockets has a rule that this is not allowed if the entity or person is not a BiggerPockets member.

Finally, in regards to claiming and filing. First, you submit/file the Application and once approved you can then claim that property as a homestead exemption.

Hi, my name is Jacqueline ('Jackie') Peterson and I am a Real Estate Developer with over 10 years of experience in executing an excess of $30 million dollars of projects. The types of projects: Mixed-Use, Multi-family, Retail, Commercial/Office (NNN Leasing, Rental and For-Sale Housing).

God has extremely blessed me! I am interested in hearing or reading about new ideas and concepts in the real estate industry  as well as networking with real estate professionals. I am willing to share (and have already shared some of)  my    knowledge /experience by posting comments within BiggerPockets.

For individuals that would like to read about an alternative way to turn up your 'financial thermostat', please click on the following link to read my 22 page FREE eBook-  'Creating Wealth thru Commercial Real Estate Development'

I look forward to interacting with new colleagues!

Hello Adam,

You received very good responses. If I may suggest just click on the link below from MONEYUnder30 and they have a very simplified and FREE Net Worth Tracker in excel format. Matter of fact, you may also like the information that their website provides.

Hope this will be helpful to you. Much success in your endeavors!

FREE Networth Tracker

Hello Trina,

You received very good responses. However, I must ask are you obligated from your Purchase and Sale Agreement to hire the property management firm? If not, I agree with Anton Ivanov to get at least 3 local companies with references. Each company should provide you with a Proposal for you to compare. This will allow you to determine if it is 'normal' to have all the mentioned fees and the amounts. You can actually do a Comparison Chart so that you can see everything side by side. Then, I would recommend that you interview each company representative (preferably the decision-maker and the person who will actually be manageing the property). Doing this will give you an idea about personalities and interactions so that you can make a bonafide decision.

Much success to you in your endeavors!

Hello Paul,

You received excellent responses from Christopher Brainard and Paul Lachaud! And, it was great thinking on your part to obtain a Home Inspection! So, to not repeat what others have already mentioned, I would seriously urge you to ask your Home Inspector about why he recommends Structural Assessment. Does he have any concerns or just want you to obtain the assessment? If he has any structural concerns this is VERY important to know- now. WHY? Because in some cases structural  remediation can be COSTLY and you need to know if there are any foundation issues that are causing possible structural damage. And, you may have to reconsider going forward or not in the sale.

The other item that you may want to ask about is electrical wiring. For instance, is it up to code? What does the circuit breaker look like? If he has already addressed this to you and have indicated that "all is good", then no worries.

Much success in your endeavors!

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Hello Fred,

Hope that you and your family had a blessed and happy Thanksgiving!

In reading your post, you mention that you are in Fort Worth. I am located in Houston and like you I am new to Bigger Pockets. I am a real estate developer. And, I know of a unique funding source. I have not borrowed any money from them but have done some work for them. Most people that are aware of this source think that only non-profit organizations can use them but FOR-PROFIT companies can obtain loans from this source as well.

However, this funding source provides funds for affordable housing projects- whether it is rental or for-sale. Normally, they want to see Bank Statements, Balance Sheet, Tax Returns, and the like. Plus, they will take a look at your credit score.

The funding source is LISC (Local Initiatives Support Corporation).  This organization is nation-wide and have an office in Houston.  The Lending Products that they have are: Permanent, Bridge, Working Capital, Predevelopment, Acquisition, Construction, and Mini-Permanent. The loan amounts can range from $50,000-$5,000,000. Interest Rates are fixed at 6%. Terms can go up to 7 years. Collateral is general secured by real estate. Approval turnaround time is NOT quick; it can take about 60-90 days and to close around 45 days. Their Loan Committee only meets two (2) times per month.

I would be remiss if I did not mention that LISC normally provides financing for real estate development projects and I am not sure if they provide financing for existing real estate. You never know until you ask!

Also, as I am writing this response to you, I thought that I should also mention HBDi (Houston Business Development, Inc.) as another possible financing source. They work to help any  start-up or emerging business to access capital, including loans for real estate. They have loans ranging from $5,000 to $5 million. Since 1986, HBDi have participated in funding $82 million in loans to small businesses. 

Oh wow, here's another possibility.... Just Multifamily.  As their name suggests they do multifamily financing.  You will need to ask questions about their company. I am not aware of their history as I am of LISC and HBDi.

Since it is NOT permissible to post names, phone numbers, website addresses, and email addresses of those not in the MarketPlace within Bigger Pockets, you should be able to Google each of these companies to obtain phone numbers and websites.

Hope that the abovementioned information can be beneficial to you.

Have a blessed day and weekend!

Jackie Peterson